Are you up to date on your tax deadlines?

Melanie Richardson

26/12/2017

Companies in the UK are subject to a number of deadlines from Her Majesty’s Revenue and Customs throughout the financial year. If you, or your financial representatives, are not up to date on your accounts and filing obligations, then you could quickly come up against a raft of late filing penalties and charges.

The tax year and tax returns

The tax year runs from 6 April in one year to 5 April in the next, so your book-keeping needs to cover the whole of that period. You can then start submitting your tax return as soon as 6 April in the year that follows.

You need to make sure that your Class 2 NIC (National Insurance Contributions) are paid by 30 October and, if you are submitting paper copies of your tax returns, that this is done by 31 October.

Self-employment and self-assessment

If you are in self-employment alongside employment, 30 December is the next important date. If you have all your paperwork done and submitted by this time, then you can pay your self-employed tax through your employed tax code. However, you must meet the 30 December deadline to do so, or the offer expires.

Self-assessment filing needs to be done by 31 January. This is also the deadline for paying any income tax or national insurance contributions that are due. If your income qualifies, you'll also be asked to make your first payment on account for the tax due on the next year. Another of these payments on account is due on 31 July.

Keeping your head above water

Amid this sea of dates and deadlines, engaging a quality firm of accountants can take the worry out of your financial filing, tax returns and paperwork. At Swindells, we pride ourselves on offering a sensible and attentive service that makes what we do stand out from the crowd.

Our accounting and tax teams work with businesses of all structures and sizes across Sussex and the south east to keep their accounts happily ticking over, on time and with confidence. Get in touch with Robert Willison today to see what we can do for you.